Business analytics mid term

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16 Terms

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Two Ethical Concerns with Big Data

Ownership and Monetization

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Descriptive Analytics

What Happend?

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Diagnostic Analytics

Why did it happen?

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Predictive Analytics

What might happen?

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Prescriptive Analytics (KPI)

What should we do?

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What is the 5-step process

Question → Data → Summary → Analyze → Communicate

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5 Pillars of business ethics

Ownership, Transparency, Privacy, Intent and Outcome

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Null Avg Hypothesis

Avg Data 1 = Avg Data 2

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When do we fail to reject p value

>0.05

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Mean, Median, and Mode

Measures of central tendency

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Mean

Average

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Mode

Most occuring

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Median

Middle of the data set

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Structured Data

Organized databases (Numbers, etc)

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Unstructured Data

Text, Social media, etc

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Types of Bias

Randomness, Small Sample, Outcome, Confirmation, Anchor